-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
      name:  <unnamed>
       log:  C:\Users\knm4642\Dropbox\Nha Meo Heo Beo\_JMP\WORKING FOLDER\Table A20_Effect in extended bilateral trust sample.log
  log type:  text
 opened on:  18 Feb 2026, 23:58:06

. 
. //PREPARE DATA 
. * set globals
. global firm = "firmage firmage2"

. global ceo = "age age2 yrinco"

. global bitrustFEs = "ceoid eubmcode boardid#year"

. global bitrustsample = "eubmcode != 33 & haspat & year < 2012 & !nonUS" //eubmcode 33 = US

. global cluster = "etheubmcode"

. 
. 
. //PREPARE TABLE
. foreach panel in "A" "B" {
  2.         * PANEL A: All inventor bilateral trust sample
.         if "`panel'" == "A" {
  3.                 use "Bilateral trust sample_all.dta", clear
  4.         }
  5.         * PANEL B: US-based inventor bilateral trust sample
.         if "`panel'" == "B" {
  6.                 use "Bilateral trust sample_US.dta", clear
  7.         }
  8.         
.         * construct additional variables
.         gen sameethnic = eubmcode == mainethcode & mainethshare >= 0.8  
  9.         * set sample
.         qui reghdfe ash_f1allpatxc bitrust_sd logat logsale ${firm} ${ceo} if ${bitrustsample}, ///
>                 a(boardid eubmcode ceoid year) keepsin
 10.         gen bitrustsample = e(sample)
 11.         
.         eststo clear
 12.         eststo col1: /// baseline
>                 reghdfe ash_f1allpatxc bitrust_sd if bitrustsample, ///
>                 a(${bitrustFEs}) cluster(${cluster}) keepsin
 13.                         estadd local spec       "Baseline"
 14.                         estadd local FE_CEO     "X"
 15.                         estadd local FE_IC      "X"
 16.                         estadd local FE_FxY     "X"
 17.                         distinct boardid if e(sample)
 18.                         distinct brdeubmcode if e(sample)
 19.                         estadd scalar nofirmxcntrys = r(ndistinct)
 20.                         distinct boardid if e(sample)
 21.                         eststo col1, add(nofirms r(ndistinct))
 22.         eststo col2: /// additional fixed effects
>                 reghdfe ash_f1allpatxc bitrust_sd if bitrustsample, ///
>                 a(boardid#year ceoid#year eubmcode#year) cluster(${cluster}) keepsin
 23.                         estadd local spec       "Add FEs"
 24.                         estadd local FE_FxY     "X"
 25.                         estadd local FE_CEOxY   "X"
 26.                         estadd local FE_ICxY    "X"
 27.                         distinct brdeubmcode if e(sample)
 28.                         estadd scalar nofirmxcntrys = r(ndistinct)
 29.                         distinct boardid if e(sample)
 30.                         eststo col2, add(nofirms r(ndistinct))
 31.         eststo col3: /// additional fixed effects
>                 reghdfe ash_f1allpatxc bitrust_sd ${firm} ${ceo} if bitrustsample, ///
>                 a(ceoid boardid#eubmcode year) cluster(${cluster}) keepsin
 32.                         estadd local spec       "Add FEs"
 33.                         estadd local FE_CEO     "X"
 34.                         estadd local FE_FxIC    "X"
 35.                         estadd local FE_Y       "X"
 36.                         distinct brdeubmcode if e(sample)
 37.                         estadd scalar nofirmxcntrys = r(ndistinct)
 38.                         distinct boardid if e(sample)
 39.                         eststo col3, add(nofirms r(ndistinct))
 40.         eststo col4: /// forward citation-weighted
>                 reghdfe ash_f1allpatxc_citff bitrust_sd if bitrustsample, ///
>                 a(${bitrustFEs}) cluster(${cluster}) keepsin 
 41.                         estadd local spec       "Fwd cites"
 42.                         estadd local FE_CEO     "X"
 43.                         estadd local FE_IC      "X"
 44.                         estadd local FE_FxY     "X"
 45.                         distinct brdeubmcode if e(sample)
 46.                         estadd scalar nofirmxcntrys = r(ndistinct)
 47.                         distinct boardid if e(sample)
 48.                         eststo col4, add(nofirms r(ndistinct))
 49.         eststo col5: /// exclude same ethnicity
>                 reghdfe ash_f1allpatxc bitrust_sd if bitrustsample & !sameethnic, ///
>                 a(${bitrustFEs}) cluster(${cluster})
 50.                         estadd local spec       "Pair ctrls"
 51.                         estadd local exclsame   "X"
 52.                         estadd local FE_CEO     "X"
 53.                         estadd local FE_IC      "X"
 54.                         estadd local FE_FxY     "X"
 55.                         distinct brdeubmcode if e(sample)
 56.                         estadd scalar nofirmxcntrys = r(ndistinct)
 57.                         distinct boardid if e(sample)
 58.                         eststo col5, add(nofirms r(ndistinct))
 59.         eststo col6: /// common language control
>                 reghdfe ash_f1allpatxc bitrust_sd comlang_ethno if bitrustsample, ///
>                 a(${bitrustFEs}) cluster(${cluster}) keepsin
 60.                         estadd local spec       "Pair ctrls"
 61.                         estadd local FE_CEO     "X"
 62.                         estadd local FE_IC      "X"
 63.                         estadd local FE_FxY     "X"
 64.                         distinct brdeubmcode if e(sample)
 65.                         estadd scalar nofirmxcntrys = r(ndistinct)
 66.                         distinct boardid if e(sample)
 67.                         eststo col6, add(nofirms r(ndistinct))
 68.         eststo col7: /// geographical distance control
>                 reghdfe ash_f1allpatxc bitrust_sd distw if bitrustsample, ///
>                 a(${bitrustFEs}) cluster(${cluster}) keepsin
 69.                         estadd local spec       "Pair ctrls"
 70.                         estadd local FE_CEO     "X"
 71.                         estadd local FE_IC      "X"
 72.                         estadd local FE_FxY     "X"
 73.                         distinct brdeubmcode if e(sample)
 74.                         estadd scalar nofirmxcntrys = r(ndistinct)
 75.                         distinct boardid if e(sample)
 76.                         eststo col7, add(nofirms r(ndistinct))
 77.         eststo col8: /// genetic distance control
>                 reghdfe ash_f1allpatxc bitrust_sd fstdist_wt if bitrustsample, ///
>                 a(${bitrustFEs}) cluster(${cluster}) keepsin
 78.                         estadd local spec       "Pair ctrls"
 79.                         estadd local FE_CEO     "X"
 80.                         estadd local FE_IC      "X"
 81.                         estadd local FE_FxY     "X"
 82.                         distinct brdeubmcode if e(sample)
 83.                         estadd scalar nofirmxcntrys = r(ndistinct)
 84.                         distinct boardid if e(sample)
 85.                         eststo col8, add(nofirms r(ndistinct))
 86.         
.         global coeflist = "bitrust_sd comlang_ethno distw fstdist_wt"
 87.         esttab /*using "Table A20_Effect in extended bilateral trust sample_Panel `panel'.tex"*/, ///
>                 cells(b(star fmt(3)) se(par fmt(3))) starlevels(* 0.1 ** 0.05 *** 0.01) ///
>                 nomtitle collabels(none) label varwidth(32) modelwidth(12) ///
>                 mgroups("\arsinh(Future patent applications)", pattern(1 0 0 0 0 0 0 0) ///
>                         prefix(\multicolumn{@span}{c}{) suffix(}) span) ///
>                 keep(${coeflist}) order(${coeflist}) ///
>                 coeflab(bitrust_sd "CEO's bilateral trust" ///
>                                 comlang_ethno "Common language dummy" ///
>                                 distw "Geographical distance (1000km)" ///
>                                 fstdist_wt "Genetic distance (z-score)") ///
>                 stats(spec FE_CEO FE_IC FE_FxY FE_CEOxY FE_ICxY FE_FxIC FE_Y exclsame N nofirmxcntrys nofirms, ///
>                         fmt(%9.0fc %9.0fc %9.0fc) ///
>                         lab("Specification" "CEO FEs" "Inventor country FEs" "Firm $\times$ Year FEs" "CEO $\times$ Year FEs" ///
>                                 "Inv country $\times$ Year FEs" "Firm $\times$ Inv country's FEs" "Year FEs" ///
>                                 "Excl same-country pairs" "Observations" "Firm $\times$ Inv country's" "Firms"))
 88. }
WARNING: Singleton observations not dropped; statistical significance is biased (link)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 31 iterations)

HDFE Linear regression                            Number of obs   =     56,942
Absorbing 3 HDFE groups                           F(   1,    303) =       5.31
Statistics robust to heteroskedasticity           Prob > F        =     0.0219
                                                  R-squared       =     0.6549
                                                  Adj R-squared   =     0.5951
                                                  Within R-sq.    =     0.0004
Number of clusters (etheubmcode) =        304     Root MSE        =     0.6573

                          (Std. err. adjusted for 304 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0258537   .0112214     2.30   0.022      .003772    .0479355
       _cons |   .4671191    .091223     5.12   0.000     .2876082      .64663
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |      1654           0        1654     |
       eubmcode |        27           1          26     |
   boardid#year |      8065        1330        6735    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
               e(spec) : "Baseline"

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      56942       1263

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      56942       8554

added scalar:
      e(nofirmxcntrys) =  8554

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      56942       1263
(e(nofirms) = 1263 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 10 iterations)

HDFE Linear regression                            Number of obs   =     56,942
Absorbing 3 HDFE groups                           F(   1,    303) =       5.07
Statistics robust to heteroskedasticity           Prob > F        =     0.0250
                                                  R-squared       =     0.6569
                                                  Adj R-squared   =     0.5947
                                                  Within R-sq.    =     0.0004
Number of clusters (etheubmcode) =        304     Root MSE        =     0.6576

                          (Std. err. adjusted for 304 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0254668   .0113079     2.25   0.025     .0032148    .0477188
       _cons |   .4702576   .0919228     5.12   0.000     .2893696    .6511455
------------------------------------------------------------------------------

Absorbed degrees of freedom:
---------------------------------------------------------+
     Absorbed FE | Categories  - Redundant  = Num. Coefs |
-----------------+---------------------------------------|
    boardid#year |      8065           0        8065     |
      ceoid#year |      8406        8043         363     |
   eubmcode#year |       324          12         312    ?|
---------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
               e(spec) : "Add FEs"

added macro:
             e(FE_FxY) : "X"

added macro:
           e(FE_CEOxY) : "X"

added macro:
            e(FE_ICxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      56942       8554

added scalar:
      e(nofirmxcntrys) =  8554

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      56942       1263
(e(nofirms) = 1263 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 23 iterations)
note: age is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
note: yrinco is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)

HDFE Linear regression                            Number of obs   =     56,942
Absorbing 3 HDFE groups                           F(   4,    303) =       4.08
Statistics robust to heteroskedasticity           Prob > F        =     0.0031
                                                  R-squared       =     0.8591
                                                  Adj R-squared   =     0.8325
                                                  Within R-sq.    =     0.0007
Number of clusters (etheubmcode) =        304     Root MSE        =     0.4227

                          (Std. err. adjusted for 304 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0131917   .0063234     2.09   0.038     .0007483     .025635
     firmage |   .0010594   .0040528     0.26   0.794    -.0069158    .0090346
    firmage2 |  -.0000827   .0000403    -2.05   0.041     -.000162   -3.35e-06
         age |          0  (omitted)
        age2 |    .000304     .00009     3.38   0.001     .0001269    .0004811
      yrinco |          0  (omitted)
       _cons |  -.2952261   .2948079    -1.00   0.317    -.8753562    .2849039
------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------------+
        Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------------+---------------------------------------|
              ceoid |      1654           0        1654     |
   boardid#eubmcode |      8554        1203        7351     |
               year |        12           1          11    ?|
------------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
               e(spec) : "Add FEs"

added macro:
             e(FE_CEO) : "X"

added macro:
            e(FE_FxIC) : "X"

added macro:
               e(FE_Y) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      56942       8554

added scalar:
      e(nofirmxcntrys) =  8554

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      56942       1263
(e(nofirms) = 1263 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 32 iterations)

HDFE Linear regression                            Number of obs   =     56,942
Absorbing 3 HDFE groups                           F(   1,    303) =       8.35
Statistics robust to heteroskedasticity           Prob > F        =     0.0041
                                                  R-squared       =     0.6693
                                                  Adj R-squared   =     0.6119
                                                  Within R-sq.    =     0.0005
Number of clusters (etheubmcode) =        304     Root MSE        =     1.1853

                          (Std. err. adjusted for 304 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~f | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0511501   .0176982     2.89   0.004     .0163231    .0859771
       _cons |    1.17871   .1431723     8.23   0.000     .8969716    1.460447
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |      1654           0        1654     |
       eubmcode |        27           1          26     |
   boardid#year |      8065        1330        6735    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
               e(spec) : "Fwd cites"

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      56942       8554

added scalar:
      e(nofirmxcntrys) =  8554

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      56942       1263
(e(nofirms) = 1263 added)
(dropped 1483 singleton observations)
(MWFE estimator converged in 31 iterations)

HDFE Linear regression                            Number of obs   =     51,936
Absorbing 3 HDFE groups                           F(   1,    300) =       1.52
Statistics robust to heteroskedasticity           Prob > F        =     0.2185
                                                  R-squared       =     0.6469
                                                  Adj R-squared   =     0.5945
                                                  Within R-sq.    =     0.0001
Number of clusters (etheubmcode) =        301     Root MSE        =     0.6585

                          (Std. err. adjusted for 301 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0163357   .0132487     1.23   0.219    -.0097364    .0424078
       _cons |   .5549861   .1063211     5.22   0.000     .3457565    .7642158
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |      1321           0        1321     |
       eubmcode |        27           1          26     |
   boardid#year |      6437        1067        5370    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
               e(spec) : "Pair ctrls"

added macro:
           e(exclsame) : "X"

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      51936       7932

added scalar:
      e(nofirmxcntrys) =  7932

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      51936       1020
(e(nofirms) = 1020 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 31 iterations)

HDFE Linear regression                            Number of obs   =     56,942
Absorbing 3 HDFE groups                           F(   2,    303) =       3.26
Statistics robust to heteroskedasticity           Prob > F        =     0.0395
                                                  R-squared       =     0.6549
                                                  Adj R-squared   =     0.5951
                                                  Within R-sq.    =     0.0004
Number of clusters (etheubmcode) =        304     Root MSE        =     0.6573

                           (Std. err. adjusted for 304 clusters in etheubmcode)
-------------------------------------------------------------------------------
              |               Robust
ash_f1allpa~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------+----------------------------------------------------------------
   bitrust_sd |   .0240102   .0127104     1.89   0.060    -.0010017     .049022
comlang_ethno |   .0114824   .0249476     0.46   0.646      -.03761    .0605749
        _cons |   .4810251   .1018212     4.72   0.000     .2806589    .6813913
-------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |      1654           0        1654     |
       eubmcode |        27           1          26     |
   boardid#year |      8065        1330        6735    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
               e(spec) : "Pair ctrls"

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      56942       8554

added scalar:
      e(nofirmxcntrys) =  8554

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      56942       1263
(e(nofirms) = 1263 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 31 iterations)

HDFE Linear regression                            Number of obs   =     56,942
Absorbing 3 HDFE groups                           F(   2,    303) =       3.03
Statistics robust to heteroskedasticity           Prob > F        =     0.0497
                                                  R-squared       =     0.6550
                                                  Adj R-squared   =     0.5951
                                                  Within R-sq.    =     0.0006
Number of clusters (etheubmcode) =        304     Root MSE        =     0.6573

                          (Std. err. adjusted for 304 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0231401   .0113585     2.04   0.042     .0007886    .0454917
       distw |  -.0107792   .0109754    -0.98   0.327    -.0323769    .0108184
       _cons |   .5057322   .0968363     5.22   0.000     .3151754     .696289
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |      1654           0        1654     |
       eubmcode |        27           1          26     |
   boardid#year |      8065        1330        6735    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
               e(spec) : "Pair ctrls"

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      56942       8554

added scalar:
      e(nofirmxcntrys) =  8554

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      56942       1263
(e(nofirms) = 1263 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 31 iterations)

HDFE Linear regression                            Number of obs   =     55,444
Absorbing 3 HDFE groups                           F(   2,    291) =       2.96
Statistics robust to heteroskedasticity           Prob > F        =     0.0533
                                                  R-squared       =     0.6557
                                                  Adj R-squared   =     0.5941
                                                  Within R-sq.    =     0.0005
Number of clusters (etheubmcode) =        292     Root MSE        =     0.6615

                          (Std. err. adjusted for 292 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0266725   .0113259     2.35   0.019     .0043814    .0489635
  fstdist_wt |  -.0186097   .0528736    -0.35   0.725    -.1226727    .0854534
       _cons |   .4686372   .0944027     4.96   0.000     .2828386    .6544359
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |      1654           0        1654     |
       eubmcode |        26           1          25     |
   boardid#year |      8065        1330        6735    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
               e(spec) : "Pair ctrls"

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      55444       8323

added scalar:
      e(nofirmxcntrys) =  8323

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      55444       1263
(e(nofirms) = 1263 added)

----------------------------------------------------------------------------------------------------------------------------------------------------------------
                                 \multicolumn{8}{c}{\arsinh(Future patent applications)}                                                                        
                                          (1)             (2)             (3)             (4)             (5)             (6)             (7)             (8)   
----------------------------------------------------------------------------------------------------------------------------------------------------------------
CEO's bilateral trust                   0.026**         0.025**         0.013**         0.051***        0.016           0.024*          0.023**         0.027** 
                                      (0.011)         (0.011)         (0.006)         (0.018)         (0.013)         (0.013)         (0.011)         (0.011)   
Common language dummy                                                                                                   0.011                                   
                                                                                                                      (0.025)                                   
Geographical distance (1000km)                                                                                                         -0.011                   
                                                                                                                                      (0.011)                   
Genetic distance (z-score)                                                                                                                             -0.019   
                                                                                                                                                      (0.053)   
----------------------------------------------------------------------------------------------------------------------------------------------------------------
Specification                        Baseline         Add FEs         Add FEs       Fwd cites      Pair ctrls      Pair ctrls      Pair ctrls      Pair ctrls   
CEO FEs                                     X                               X               X               X               X               X               X   
Inventor country FEs                        X                                               X               X               X               X               X   
Firm $\times$ Year FEs                      X               X                               X               X               X               X               X   
CEO $\times$ Year FEs                                       X                                                                                                   
Inv country $\times$ Year FEs                               X                                                                                                   
Firm $\times$ Inv country's FEs                                             X                                                                                   
Year FEs                                                                    X                                                                                   
Excl same-country pairs                                                                                     X                                                   
Observations                           56,942          56,942          56,942          56,942          51,936          56,942          56,942          55,444   
Firm $\times$ Inv country's             8,554           8,554           8,554           8,554           7,932           8,554           8,554           8,323   
Firms                                   1,263           1,263           1,263           1,263           1,020           1,263           1,263           1,263   
----------------------------------------------------------------------------------------------------------------------------------------------------------------
WARNING: Singleton observations not dropped; statistical significance is biased (link)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 31 iterations)

HDFE Linear regression                            Number of obs   =     49,597
Absorbing 3 HDFE groups                           F(   1,    290) =       3.76
Statistics robust to heteroskedasticity           Prob > F        =     0.0536
                                                  R-squared       =     0.6756
                                                  Adj R-squared   =     0.6147
                                                  Within R-sq.    =     0.0003
Number of clusters (etheubmcode) =        291     Root MSE        =     0.6260

                          (Std. err. adjusted for 291 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0214738    .011079     1.94   0.054    -.0003316    .0432792
       _cons |   .5162912   .0894014     5.77   0.000     .3403333    .6922491
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |      1520           0        1520     |
       eubmcode |        27           1          26     |
   boardid#year |      7517        1221        6296    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
               e(spec) : "Baseline"

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      49597       1163

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      49597       7329

added scalar:
      e(nofirmxcntrys) =  7329

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      49597       1163
(e(nofirms) = 1163 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 10 iterations)

HDFE Linear regression                            Number of obs   =     49,597
Absorbing 3 HDFE groups                           F(   1,    290) =       3.61
Statistics robust to heteroskedasticity           Prob > F        =     0.0586
                                                  R-squared       =     0.6778
                                                  Adj R-squared   =     0.6143
                                                  Within R-sq.    =     0.0003
Number of clusters (etheubmcode) =        291     Root MSE        =     0.6263

                          (Std. err. adjusted for 291 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0211778   .0111527     1.90   0.059    -.0007727    .0431284
       _cons |   .5186883   .0899816     5.76   0.000     .3415886    .6957881
------------------------------------------------------------------------------

Absorbed degrees of freedom:
---------------------------------------------------------+
     Absorbed FE | Categories  - Redundant  = Num. Coefs |
-----------------+---------------------------------------|
    boardid#year |      7517           0        7517     |
      ceoid#year |      7832        7496         336     |
   eubmcode#year |       322          12         310    ?|
---------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
               e(spec) : "Add FEs"

added macro:
             e(FE_FxY) : "X"

added macro:
           e(FE_CEOxY) : "X"

added macro:
            e(FE_ICxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      49597       7329

added scalar:
      e(nofirmxcntrys) =  7329

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      49597       1163
(e(nofirms) = 1163 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 23 iterations)
note: age is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
note: yrinco is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)

HDFE Linear regression                            Number of obs   =     49,597
Absorbing 3 HDFE groups                           F(   4,    290) =       4.15
Statistics robust to heteroskedasticity           Prob > F        =     0.0028
                                                  R-squared       =     0.8524
                                                  Adj R-squared   =     0.8251
                                                  Within R-sq.    =     0.0008
Number of clusters (etheubmcode) =        291     Root MSE        =     0.4218

                          (Std. err. adjusted for 291 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0113389   .0068083     1.67   0.097    -.0020611    .0247388
     firmage |   .0015295   .0052882     0.29   0.773    -.0088786    .0119377
    firmage2 |   -.000098   .0000373    -2.63   0.009    -.0001714   -.0000247
         age |          0  (omitted)
        age2 |   .0003073   .0000955     3.22   0.001     .0001193    .0004952
      yrinco |          0  (omitted)
       _cons |  -.2724558   .3262079    -0.84   0.404    -.9144911    .3695795
------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------------+
        Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------------+---------------------------------------|
              ceoid |      1520           0        1520     |
   boardid#eubmcode |      7329        1108        6221     |
               year |        12           1          11    ?|
------------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
               e(spec) : "Add FEs"

added macro:
             e(FE_CEO) : "X"

added macro:
            e(FE_FxIC) : "X"

added macro:
               e(FE_Y) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      49597       7329

added scalar:
      e(nofirmxcntrys) =  7329

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      49597       1163
(e(nofirms) = 1163 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 32 iterations)

HDFE Linear regression                            Number of obs   =     49,597
Absorbing 3 HDFE groups                           F(   1,    290) =       5.71
Statistics robust to heteroskedasticity           Prob > F        =     0.0176
                                                  R-squared       =     0.6835
                                                  Adj R-squared   =     0.6240
                                                  Within R-sq.    =     0.0004
Number of clusters (etheubmcode) =        291     Root MSE        =     1.1593

                          (Std. err. adjusted for 291 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~f | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0449252   .0188083     2.39   0.018      .007907    .0819433
       _cons |   1.301947   .1508726     8.63   0.000     1.005003    1.598891
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |      1520           0        1520     |
       eubmcode |        27           1          26     |
   boardid#year |      7517        1221        6296    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
               e(spec) : "Fwd cites"

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      49597       7329

added scalar:
      e(nofirmxcntrys) =  7329

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      49597       1163
(e(nofirms) = 1163 added)
(dropped 1472 singleton observations)
(MWFE estimator converged in 31 iterations)

HDFE Linear regression                            Number of obs   =     44,943
Absorbing 3 HDFE groups                           F(   1,    287) =       0.28
Statistics robust to heteroskedasticity           Prob > F        =     0.5983
                                                  R-squared       =     0.6670
                                                  Adj R-squared   =     0.6140
                                                  Within R-sq.    =     0.0000
Number of clusters (etheubmcode) =        288     Root MSE        =     0.6270

                          (Std. err. adjusted for 288 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0063946    .012123     0.53   0.598    -.0174667    .0302558
       _cons |   .6488504   .0970424     6.69   0.000     .4578454    .8398554
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |      1203           0        1203     |
       eubmcode |        27           1          26     |
   boardid#year |      5913         971        4942    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
               e(spec) : "Pair ctrls"

added macro:
           e(exclsame) : "X"

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      44943       6756

added scalar:
      e(nofirmxcntrys) =  6756

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      44943        925
(e(nofirms) = 925 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 31 iterations)

HDFE Linear regression                            Number of obs   =     49,597
Absorbing 3 HDFE groups                           F(   2,    290) =       2.31
Statistics robust to heteroskedasticity           Prob > F        =     0.1011
                                                  R-squared       =     0.6756
                                                  Adj R-squared   =     0.6147
                                                  Within R-sq.    =     0.0003
Number of clusters (etheubmcode) =        291     Root MSE        =     0.6260

                           (Std. err. adjusted for 291 clusters in etheubmcode)
-------------------------------------------------------------------------------
              |               Robust
ash_f1allpa~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------+----------------------------------------------------------------
   bitrust_sd |   .0208805   .0129505     1.61   0.108    -.0046084    .0463695
comlang_ethno |   .0037127    .024289     0.15   0.879    -.0440924    .0515177
        _cons |   .5207605   .1029957     5.06   0.000     .3180467    .7234742
-------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |      1520           0        1520     |
       eubmcode |        27           1          26     |
   boardid#year |      7517        1221        6296    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
               e(spec) : "Pair ctrls"

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      49597       7329

added scalar:
      e(nofirmxcntrys) =  7329

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      49597       1163
(e(nofirms) = 1163 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 31 iterations)

HDFE Linear regression                            Number of obs   =     49,597
Absorbing 3 HDFE groups                           F(   2,    290) =       2.41
Statistics robust to heteroskedasticity           Prob > F        =     0.0912
                                                  R-squared       =     0.6757
                                                  Adj R-squared   =     0.6147
                                                  Within R-sq.    =     0.0006
Number of clusters (etheubmcode) =        291     Root MSE        =     0.6259

                          (Std. err. adjusted for 291 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0181466   .0109245     1.66   0.098    -.0033548    .0396481
       distw |  -.0129819   .0101804    -1.28   0.203    -.0330188     .007055
       _cons |   .5630579   .0909852     6.19   0.000     .3839829    .7421329
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |      1520           0        1520     |
       eubmcode |        27           1          26     |
   boardid#year |      7517        1221        6296    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
               e(spec) : "Pair ctrls"

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      49597       7329

added scalar:
      e(nofirmxcntrys) =  7329

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      49597       1163
(e(nofirms) = 1163 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 31 iterations)

HDFE Linear regression                            Number of obs   =     48,240
Absorbing 3 HDFE groups                           F(   2,    278) =       2.56
Statistics robust to heteroskedasticity           Prob > F        =     0.0790
                                                  R-squared       =     0.6766
                                                  Adj R-squared   =     0.6138
                                                  Within R-sq.    =     0.0005
Number of clusters (etheubmcode) =        279     Root MSE        =     0.6302

                          (Std. err. adjusted for 279 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0222442   .0109759     2.03   0.044     .0006377    .0438507
  fstdist_wt |  -.0445391   .0498334    -0.89   0.372    -.1426379    .0535597
       _cons |   .5245869   .0901308     5.82   0.000     .3471613    .7020124
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |      1520           0        1520     |
       eubmcode |        26           1          25     |
   boardid#year |      7517        1221        6296    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
               e(spec) : "Pair ctrls"

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      48240       7122

added scalar:
      e(nofirmxcntrys) =  7122

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      48240       1163
(e(nofirms) = 1163 added)

----------------------------------------------------------------------------------------------------------------------------------------------------------------
                                 \multicolumn{8}{c}{\arsinh(Future patent applications)}                                                                        
                                          (1)             (2)             (3)             (4)             (5)             (6)             (7)             (8)   
----------------------------------------------------------------------------------------------------------------------------------------------------------------
CEO's bilateral trust                   0.021*          0.021*          0.011*          0.045**         0.006           0.021           0.018*          0.022** 
                                      (0.011)         (0.011)         (0.007)         (0.019)         (0.012)         (0.013)         (0.011)         (0.011)   
Common language dummy                                                                                                   0.004                                   
                                                                                                                      (0.024)                                   
Geographical distance (1000km)                                                                                                         -0.013                   
                                                                                                                                      (0.010)                   
Genetic distance (z-score)                                                                                                                             -0.045   
                                                                                                                                                      (0.050)   
----------------------------------------------------------------------------------------------------------------------------------------------------------------
Specification                        Baseline         Add FEs         Add FEs       Fwd cites      Pair ctrls      Pair ctrls      Pair ctrls      Pair ctrls   
CEO FEs                                     X                               X               X               X               X               X               X   
Inventor country FEs                        X                                               X               X               X               X               X   
Firm $\times$ Year FEs                      X               X                               X               X               X               X               X   
CEO $\times$ Year FEs                                       X                                                                                                   
Inv country $\times$ Year FEs                               X                                                                                                   
Firm $\times$ Inv country's FEs                                             X                                                                                   
Year FEs                                                                    X                                                                                   
Excl same-country pairs                                                                                     X                                                   
Observations                           49,597          49,597          49,597          49,597          44,943          49,597          49,597          48,240   
Firm $\times$ Inv country's             7,329           7,329           7,329           7,329           6,756           7,329           7,329           7,122   
Firms                                   1,163           1,163           1,163           1,163             925           1,163           1,163           1,163   
----------------------------------------------------------------------------------------------------------------------------------------------------------------

. 
. cap log close
